They are very aggresive in buying back shares. They spent more than RM1 million to buy back their shares in a single day.

Century rises because anticipation of Xin Hwa listing next week. It will rerate century since century is undervalued.

radsan 85, if you have 59000 lot, you are probably among the biggest shareholder apart fro EPF. haha.

Putting jokes aside, I believe that share price will start increase once they have finish with the provisioning. Probably will takes two years to clean up and ready themselves to become a full-fledged bank. But once they have become a full-fledged bank, they will be subjected to BNM jurisdiction just like other bank. We wont be seeing the high growth trajectory as they did in the past.

They expressed their intention to acquire another Islamic bank, probably by acquiring Bank Islam. But don't be surprised if they acquire RHB Islamic bank through share swap. It made sense because it is a headache for EPF to control two banks. Therefore EPF as the largest shareholder for both banks can just park MBSB under RHB..Maybe it is just my assumption. It is interesting to see where they will be heading.

Haha. I dont feel offended at all.

I think you know the answer already.

Btw, they just announce 5.0 sen dividend to be distributed to shareholders following approval in AGM.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/4776545

bukithot, yes you are correct. It should be 'uncollected' not 'unrecognized'. The receivables increased from RM7 million to RM20 million. So I assume there will be RM13 million which will be reflected in Q2 revenue (if they managed to collect all).

hi kakijudi, their recurring income is around 80% from software business. Their revenue for software (due to the ATM/CDM machine) has been consistently around RM 8 million per quarter and higher than hardware business. Last quarter revenue was exceptional like I mentioned in previous post and some revenue (about RM13 million) has yet to be recognized judging from their receivables. Q2 will be good, plus expected dividend too.

in the last quarter, sales for hardware (ATM/CDM) machine increase drastically probably pre-GST buying frenzy. These machines requires software which will be the recurring income forward. The more they install those machines, the more income they get from software subscription. Their potential is huge considering that currently only two banks are using their machine, in which we have another 6 local banks in Malaysia and few subsidiary foreign banks. If I not mistaken Maybank and CIMB has used their products and imagine these two banks used the same products for their subsidiaries in Indonesia, Thailand, Singapore too name a few. It reduces the downtime especially during holidays when conventional ATM running out cash or CDM is full with cash. Excited to see Q2 result, which I believe will be good. Collect while it is still cheap..

Symlife has become more aggressive in promoting their Desiran Bayu and Tijani. I believe they might have almost sold out the Tijani but Desiran Bayu which is build-then-sell concept is just started to sell. Two new billboards has been put up, in which the latest being at Ukay Perdana entrance (quite big). As for Star Residences, I don't see any new billboards coming up. I think they managed to get 90% sales by now. Their promotion in newspaper for Star Residences is also a short one, maybe the demand is too encouraging.

Hopefully the water deal saga can be wrapped in one month, after Puncak Niaga has given latest extension of one month. Then they can proceed with the Sg. Long development.

OSKProp has started to raid Sungai Petani in big way. They have started the construction of PRIMA houses to claim RM350 million in 2 years. Based on the opening price, the market rate will be RM260 onwards.
http://www.pr1ma.my/pr1ma_property.php?id=241&lang=bm#.VX7l-1Wqqko

Besides that, apart from BPJ, they have launched 2nd township called Yarra Park (coincides with Yarra Park Melbourne which were bough by PJ Dev) just opposite econsave BPJ, which I think adjacent to PRIMA housing that they built. Divided into 8 phases, the first phase, which is called Fairfield Villas has a GDV of RM100 million, which in all phases will totaled RM1.3 billion.The township is expected to complete in 2019. I believe the 1 million sqft mall will be developed once the the PRIMA houses is near to completion.
http://www.theedgeproperty.com/my/content/osk-property-launches-its-second-township-kedah

Besides that, I have gone through the proposal for OSKH to acquire OSKProp. It says that OSKH intends to maintain the listing status of OSKProp and OLH also don't want shareholders to convert to OSKH. However if it breaches 90%, OSKH will not maintain listing status for OSKProp. In the event of OSKProp is maintained in Bursa, I believe minority shareholders can expect more dividends from OSKProp since OSKH require the dividend to balance the dilution of EPS from issuance of new shares.

http://www.thestar.com.my/Metro/SMEBiz/News/2015/04/08/Megamall-coming-up-in-Klang-New-mixed-development-project-in-Bandar-Bestari-to-include-a-hotel-apart/

WCT is actually backed by EPF and KWAP, with almost 20% stake. In the past they managed to secure big and iconic project, which is difficult to get now. Their balance sheet is quite tight now, since borrowings were taken to fund the asset development (gateway klia2ropesty and paradigm mall) and land acquisition for property development. These asset are still new, which require gestation period. Disposal of these asset to REIT can lighten their balance sheet and enable them to take huge construction job, while still benefit from stake in REIT.

As for Sunway, it has developed into the largest property company in Malaysia with steadwy recurring income. Apart from property and construction, they are also involved in trading, buildings material, education, healthcare which enable them to withstand the weak property market.

Oo I see. I thought the calculation will be same as bonus issue. Thanks for the enlightenment.

The performance of companies to be acquired by CCMDuo is not impressive. Some are even making loss. It will take CCMDuo a while to restructure and turnaround the new subsidiaries, but in long term CCMDUo will give Pharmaniaga a run for their money.

In first quarter 2015, there were about 162 million new shares of par value RM0.50 due to conversion of warrants and the dividend reinvestment plan. In addition, 5 million new shares from warrant conversion will be recognized this quarter. This will create share overhang since warrants, I believe were acquired at low price were converted and sold in the market. So does the DRP which issued at RM1.57. The selling of shares will occur for quite some time, in which current weak market does not offer any help. But I believe the share price will rebound again.

On the positive side, huge number of warrants have been converted ahead of expiry date next year, which reduced the the dilution effect after this. Perhaps new warrant will be issued next year? Based on annual report, the number of funds holding the shares are increasing, which includes Etiqa Insurans, Public Mutual, to name a few. Etiqa is the biggest warrant holder, which I believe had converted into ordinary shares. Mind you that their market capitalization is RM 1.7 billion, which comparable to Tropicana, Matrix, WCT,etc, which enables fund to invest into KSL shares.

Their investment properties (KSL Mall, KSL Resort, Giant Muar & Giant Nuar Bestari) were valued at RM589 million, which were carried at book value. Based on Kenanga, the market rate for these investment property asset is valued at RM2.05 billion. KSL may need to develop few more assets before going for REIT. That will be also be a good catalyst in long term.

Apart from UOA Dev Group Bhd & Matrix, KSL is among the best property companies that have huge cash, very minimal borrowings and sitting on low land cost. Many investors are afraid to invest in property companies with huge exposure in Iskandar, Johor as can be seen from the weak share price of UEMSunrise and Tropicana. However, KSL should be valued higher since its landbank is scattered all over Johor, not only in Iskandar, where real demand is still there. As with Matrix & Scientex, KSL is sitting on low land cost, which enable it to price their property launches more competitive compared to others. This can be seen from the affordable price offering. The fall in ringgit value as compared to Singapore Dollar will enhance property prospect in Johor, which increase demand from Singaporeans.

KSL has consistently posted good result every quarter due to combination of property development profit and recurring income from mall. They are expected with to build another mall dubbed as KSL 2 in near future. With strong balance sheet, they can afford to build 2 more malls without stretching their gearing to much, and it has been reported that they can borrow up to RM900 million, while gearing may increase only to 0.5-0.6x. At 30%, their recurring income is high compared to other developers, and provide support to their earnings in the weak market like this.

KSL has announced dividend policy of 40% from their net profit, which amounted 14 cent if the current performance is maintained. At current share price, the dividend will be 8% which is very impressive. Hopefully they will announce half of the dividend for next quarter announcement. KSL also announce new sales for Q1 2015, which totalled RM150 million, this value is set to improve once they launch new project from H2 onwards.

yes, you are correct.

Hi freelanding208, I am also not sure with the date. But if I'm not mistaken ex-date is the last date you are entitled to the right issue. warrants/ESOS exercised after ex date will not be entitled to the right issue. On ex-date, the price will be adjusted to half of its original price since the ration is 1:1. So the current price will be adjusted to RM1.94.

After ex-date, you have one week grace period from 23 - 29 June to think whether to accept your entitlement (CCMD-OR) or to decline. If you do not intend to subscribe the right issue, you can sell during this period. The right issue shares will be transferred to your account on 2 July, and payment must be made therafter.

Today I got the chances to go through their proposal for acquiring pharmaceuticals subsidiary under CCM belt. CCMDBio undobtedly is a growing company and pays good dividend too.However their profit has been stagnant, citing tough condition due to increasing competition from other pharmaceuticals companies such as Pharmaniaga, Y.S.P SEA, Hovid, and also the rising price of of raw materials. That is why they are looking to expand through inorganic expansion, by acquiring few subsidiaries from CCM. CCMDBio itself is a product of merger with Duopharma Biotech.

CCMDbio will be issuing 1-to-1 right issue at RM1.80 to raise approximately RM250 million.This is higher than indicative price of RM1.40 when they first issued the proposal. Post acquisition, CCMDbio revenue will double from RM176 million to between RM350 million and RM400 million. However the net profit will not jump immediately due to dismal performance of targeted companies and also listing expenses. I believe there will be some restructuring and consolidation of assets once the acquisition completed to remove redundancy and optimization of manufacturing factories. Therefore it would a while before the increased earnings kicks in. Current price at RM3.88 has already factored dilution post right issue. Thus it is wise to wait after right issue to buy into this company.

Going forward, it has been reported that many patented drugs and medicine would be expiring in this decade, which provide opportunity for generic drugmaker such as CCMDbio to capitalize on. Some of the proceed from right issue will be used to expand the manufacturing capacity.

I once heard that Felda is eyeing Century due to its growing business and regular dividend income. Felda/FGV logistics business is quite huge and can be beneficial if it is injected to Century for shares. Who knows if Century will go for M&A?

Based on the The Edge Financial Daily today, OSKProp is expected to open another 5 malls under Atria brands

SS22 470,000 sq.ft (opened on 28/5/2015)
Cheras 500,000 sq.ft (probably near to You City by PJD)
Sg. Petani 1,000,000 sq.ft (probably in Bandar Puteri Jaya)
Section 13, PJ 200,000 sq.ft
Melbourne 350,000 sq.ft (probably on land owned by PJD -Yarra)
Cyberjaya 350,000 sq.ft (probably near to Mirage by Lake, Eclipse)

About 65% tenants have opened their shop yesterday with another 20% to open by next month. They have another 15% to let, but total occupancy is expected to reach 95% in August 2015.

Today OSKH, received the node from SC to issue the warrants and 15 Cent Dividend. EGM is not far from now. As for OSKProp, there will be two cases:

1. In EGM, minority shareholder turn down the offer, in which only shares from OLH will be absorbed by OSKH and OSKProp remain listed. The share price may increase to reflect the actual value of the company and the increasing contribution from recurring income due to investment properties. OSKProp will likely to give higher dividends to balance the EPS dilution for OSKH, in which OSKProp minority shareholder also benefit. There might also bonus issue to rectify the public shareholding if OSKH holds more than 75% OSKProp.

2. In EGM, minority shareholder accept the offer. They will be given choice to swap their shares or get paid RM1.95. OSKProp will be delisted. Getting cash is not the best option since OSKProp shareholder may miss the future earnings from the recurring income. Swapping the shares will be more sensible to enjoy from future earnings and possible extra gain from disposal of RHBCap stakes. RHBCap will transfer their listing status to RHB Bank which will remove 'double tax' and increase RHB earnings. Therefore OSKH will enjoy higher valuation. However conversion of shares from OSKProp to OSKH will increase OSKH share base and dilute the earnings.

Now it become clearer why OLH want to swap shares at RM 2.00 instead at higher price. OSKH is in dire need of main business, in which its lending business is not significant and their future highly dependent on RHB dividend and performance. OSKH can offer at RM2.50 but they don't have cash to do that (they got so little money) and this will not bode well with OSKH minority shareholder as OLH stake will grow bigger. One more thing OLH might breach the shareholding rule where an individual shall not hold certain percentage of financial company shares ( do not this is correct or not). Therefore OLH sweetens the deal by 'bribing' OSKH minority shareholders to accept the OSKProp takeover deal by giving 15 cents divvy and warrants (using cash from retained earnings) and jeopardise OSKProp minority shareholders. After OLH swaps his shares he can consolidate his position in OSKH and possibly launch takeover of OSKH itself before/after disposing RHBCap stake. But at that time it is not easy to privatise OSKH since share price must have appreciated and funds/other shareholders ready to block and negotiate for higher price..just my personal opinion.

Latest quarter result was hampered due to low revenue, citing stricter financing for mortgage, affecting demand for high-end properties. Their tax is surprisingly high, amounting RM4 million/ quarter, regardless the earnings and they have trim down the overheads.

As of now, there are a lot of advertisement coming up in Ulu Kelang area regarding to their promotion of 50y/o celebration, which will ended 30th June 2015. Maybe they have known that weak sales in Q4 FY 2015, and hence stepping up their marketing. However these might increase expenses and lower the earnings if not supported by sales.

For unbilled sales, if I am not mistake are receivable from property buyers (via bank loan) that will be billed according to percentage of completion. I wonder how much the have sold Tijani Ukay. There is one blog stated that they have sold 50% during launching but you can still see the ads near to that area. It is tough to sell when your price is RM2.4 million for 3700sq.ft & leasehold when Ukay Tropika (near to Tijani) sell 3800sq.ft (freehold) at RM1.2million.

On better notes, the take-up rate for TWY Mont Kiara has increased by 30% from previous quarter, which contributes to approximately RM120 million sales. As for Desiran Bayu, it has been been completed (Build-then-sell). The sales has increased by 10% which translate to RM9 million. But the biggest contributor comes from Star Residences, which lift their unbilled sales, as summarized below.

Q2: RM296 million
Q3: RM469 million
Q4: RM667 million

The acquisition of Sg. Long land by Selangor Government if materialize will give some bumper earnings to them based on recent nearby transaction of RM88 psq.ft. Hopeful for good news to come very soon.

In their balance sheet, investment properties as at 31/3 is valued at RM289 million. Believe that these might include the value of Atria Shopping Gallery.

Agree with you that OSKProp is deeply undervalued. In fact with the opening of Atria, OSKProp stand to receive rental income of RM1.0 million per month after deducting their operational cost, which works out to be RM12million per year or 4.8 cent to their EPS.

With current cash and reserves, OSKProp actually can give 1-to-1 bonus issue to their shareholders. Interesting to see how much independent valuer will give their valuation for OSKProp for the MGO launched by OSKH. Believe that, they may have appointed independent investment bank to make valuation for OSKProp after receiving SC nod for the proposed acquisition. The valuation need some time to be carried out before being reviewed by SC, and once approved, they will call for EGM...

Century share price has increased much lately. Now is the phase where consolidation happen, in which the buyer and seller is almost equivalent. Once the seller, which have bought below 90 cent, finished with selling, the share price will increase again.

strong support. High chances to break the resistance at 93cent, followed by RM1.00.
Btw, Complete Logisitics today annouced losses in their latest quarter reporting.

They posted good result but things might not be rosy from Q2 onwards. I dont want to spoil your excitement but I think may post lower profit in subsequent quarters. Q1 was exceptional since their barge is in operation, but Q2 might see some spillover of payment for works in Q1. Forex losses also increase. Their orderbook of RM1.8 billion will be depleted by 2017, judging from burning rate of RM800m/year.

On the positive side, their balance sheet is getting stronger with debts decreasing and they have won some jobs eventhough the amount might not be substantial. They need to secure more T&I jobs to compensate the depreciation charges of around RM20million/year for their barge ( their pipe laying barge is still new). Things might be interesting from their announcement regarding the incorporation of a new subsidiary, PBJV Energy (Labuan) Ltd, which is targeting to explore O&G exploration, development, production. They might use this subsidiary to go downstream by acquiring stakes in green or brown field.

Alamak, I bought too little this morning. Quarter result good .Dividend some more. Price will jump tomorrow.

It is share split. 1 become 5. Since today is the ex-date, the price is divided by 5. There will be entitlement date, which your shareholding will reflect the number of shares after it has been split.

This stock is illiquid. However with the selling of 4 million shares by Pilgrim's fund, the liquidity has increased.

By the it is a smart move by LTH to capitalize on price increase momentum. YSP has been trading around RM1.40 - RM1.60 for quite sometime.

Huge volume supporting the price everyday. Probably some funds are buying.

Yes I know Star Residence is JV with UMLand, which provides lifeline from them. Next launches such as 51G Residences also focus on luxury condominium. High working capital has to be deployed for this project while market is going for affordable houses.

Hopefully the Wharf, TWY and Elevia Residences can provide some support. The also will launch a mall at the Wharf.

Star Residences will elevate their unbilled sales in Q1. I can see from my office that they probably had finish clearing and preparing the site. It took them quite some time, which I think due to limestone area. They are now carrying out piling using the bore pile. Phase 1 of Star Residence has received great response with 80++ percent of booking and phase 2 will be launched late this year.

Kenanga assigned TP RM1.19 for Century to be inline with other logistic PER of 12.5x. Currently at 10x, Century is the cheapest logistic company in term of PER as compared to TASCO, Freight and Complete, eventhough they have highest ROE compared to the other 3 and pays dividends regularly. In actual fact, their dividends of 5 percent is the highest!

Huge volume has been absorbed at 88cent, and it can break the resistance at RM0.93 and RM1.00, Century will be flying to target price of RM1.19.

Going forward, they will be expanding their warehouse and this might reduce the quantum of dividend. However they will receive RM20 million from land disposal to Top Glove, which may be used to fund expansion.

Atria official opening next week..

Good result.

It is better to buy OSKH rather than buying PJD. Post injection of OSKProp and PJDev, OSKH will be more valuable since it can include OSKProp and PJDev result into their profit and loss.

After the proposal have been approved by SC, next all OSKH/OSKProp/PJDev will appoint independent advisors to advise minority shareholders. These independent advisors will advise minority shareholders to reject or accept the proposal. These companies will publish circulars to shareholders and call for EGM to vote. Let say the proposal have been approved by EGM attendees, then it is up for minority shareholder to convert their shares to OSKH or received money (RM1.95 for OSKProp/RM1.56 for PJDev). For me I think better convert to OSKH for future benefit if OSKH sells their stakes in RHB Cap.

I believe OSKProp intentionally released their result yesterday and showed a good one so that independent advisors will advise to reject the proposal. Believe that OSKH wont increase the offer price, but OSKProp will definitly being absorbed by OSKH. As for PJDev it depends..
You know OLH game is very dirty.

Next, company will call for EGM for shareholder to approve. There will be independent advisors that will advise minority shareholder whether to reject or accept the proposal.

wow. Q1 result almost half of full 2014. if not for OLH, OSKProp must be worth RM4.00++ right now. hurm.

Btw, proposal for OSK to acquire OKSProp and PJDev has been approved
http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=64806&name=EA_GA_ATTACHMENTS

With M&A coming, and further expansion of warehouse by end of year, my personal TP would be RM1.50.

they distribute proceed in term of cash and shares received from skpres. so the whatever balance is reflected after entitlement went ex.

in The Edge today, there is an article in regard to their Atria Shopping Gallery. Slated to be opened on May 28, instead of this month, Atria is expected to draw big crowd from surrounding neighbourhood. Targeted to mid to affluent, Atria has Net lettable area of 470,000sq.ft in which 82 % has been occupied. Rental income will be more than RM1 million/month.

yes, strong US dollar and lower ringgit will help increase the export to US. Ports will benefits from this. If their proposal to increase the tariff, wesports will benefit tremendously. Maybe they can reach RM5.00 upon the confirmation of tariff increment.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4714181

Looks like still long journey

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4713837

huge amount of warrants being converted ahead of dividend ex-date next week.

heard so. Together with 1 politician.

On another unrelated news, Barakah subsidiary CEO just bought 2 limited edition Lotus for his daughter. Haha

1Q might be a bit lower than 4Q last year. But 2Q onwards, hah

Btw, they won the topside maintenance contract as announced today.

Funds jack up the price so that it looks very nice in their financial report or prospectus. Usually happen during end March/Dec when market is good.

0.6% might look small in percentage, but can be big in ringgit value. People will have less reason to go to Oldtown and might prefer to eat at cheaper restaurant or even at home.

Foreign fund want to take advantage of weak ringgit. They will push up the price when ringgit is stronger and sell their shares

With the revelation of gst will be charged to service tax by Oldtown, I believe they will be affected from their dine-in restaurant. However their FMCG will grow.